Adam Davidson, CEO of Trident Royalties, discusses offtake milestones and catalysts to boost FY24. Watch the video here.
Is it me or is the share price falling off a cliff? Down almost 30 percent. Wow.
As I have previously posted the actual decision makers are probably only their multi-millionaire chairman Long, Group MD Creffield and the money man Raja the rest of their Executive Team as per their website do what they are told. The rest of the BODS haven't got a clue on how to run a profitable Estate Agency group and will seemingly agree to anything like a non sensible on-line proposition which cost them millions when it was eventually pulled and a 'sale' of LSH to a Dane with no money. A laughing stock ( excuse the pun ).
I suspect the BODS and their ' Executive Team ' as per their website are happy to use any excuse for their continuing destruction of this business. Even the profile of one of their top earners ( Curran ) is at least 2 years out of date and I quote ' Peter is developing Countrywide's multi-channel strategy in FS for launch in early 2018 '.
Err guys it is now 2020!
Stroll on.
Totally agree Sain with your last comment on how the current set of BODS have totally trashed CWD by supporting rank bad decisions over the last 5 years or so. In reality Estate Agency is a people business I.e employ/retain/motivate the right people and you have a good chance of being successful. The BODS at CWD have done their level best to do the opposite by following and then abandoning an ill conceived and costly on-line proposition which lost them a good number of experienced people ( me included ) who thought it was absolute lunacy and was launched in Birmingham in what was probably the worst presentation event I have ever witnessed. Ironic that you mention Dixons therefore as that's their home patch and they were not part of the initial roll out before it was pulled. The Branches you mention have always been top performers with long serving people who are left alone in main to get on with the job because if it ain't broke don't fix it. Pity the useless BODS didn't do the same 5 or so years ago. Rant over.
A very well written piece which sums up the position of CWD perfectly in my view.
Without knowing the full facts as only a few insiders will be aware ( as noted in my earlier post ) only time ( the next 10 days ) will tell whether the deal goes through or not. To defend the BODS slightly ( Long, Creffield and Raja ) they would have relied on their own in-house lawyers to some extent to carry out their own due diligence and with a ' friendly Bank ' who are willing to extend a line of credit of say 40m and confirm that by email etc. you could be suckered in I guess.
That is no defence just another example of poor decision making and very embarrassing.
Hard to see who remains capable of leading the turnaround in say the next five years as both Long ( don't mention the post office ) and Creffield are close to their sell by dates and there doesn't appear to be an obvious succession in place unless Oaktree have other plans.
I suspect the BODS ( in truth probably only 3 decision makers - Long, Creffield and Raja ) together with the lawyers know what is happening with the LSH deal and they need to make some sort of statement shortly as the Group results for 2019 need to be released in early March and the sale ( or not ) will have to be part of that report. If it goes belly up that won't make good reading together with a poor set of results as the Boris Bounce if there is one won't be part of it. God knows what the right down costs for the Branch closures were and to date only the BODS know how many were chopped as they haven't made that public although it will be buried in the group year end report my guess 60 give or take. Interesting to see what happens next!
I understand a lot of these listings are being ' bought in ' at ridiculously low fees to increase market share in some locations so will be interesting to see how much CWD Group fees have dropped year on year. Hardest hit will be the negs/listers at Branch level who need to work even harder to be paid less whilst the BODS continue their search for the International Man of Mystery in Monaco.
Fine words to herald in the CWD turnaround plan launched in March 2018 with a five point back to basics plan over 3 years. Well next month will bring us to year two and those fine words now seem a little hollow as it now seems they can't even flog the family silver ( LSH ) and the share price is taking a nose dive again on the back of the continuing inept BODS attempt at running a once proud business into the ground. Can someone explain how you announce a done deal ( LSH ) and then a couple of months later say ' we were only kidding ' really?
Totally agree Sain. Big regional/branch listing activity across the Country and looking at CWD there are some real horror shows. Take their flagship Nottingham City Centre Branch trading as Bairstow Eves only 4 fresh listings so far this year! What the heck are they doing? Should do that in a week at worst. Still strong in the rest of the County but Derby City Centre long since closed and Lincolnshire only now showing Boston and Lincoln Branches remaining so all but wiped out. Sad to see.
Seems a rather badly worded reply. ' we are not closing the Greene & Co. brand but rather they are being re-named ' I assume that should read not closing the offices but the actual brand will disappear. So Captain obvious then points out it will increase the Hamptons brand footprint by a further 5 offices. Well thanks for that. No wonder this business is in a mess.
Profit/break even?? Not in a million years for this group of wannabes income projections are just fantasy and anyone looking to invest needs serious councelling.
No end in sight for this train based upon a more than gloomy economic forecast and once you start trying to pawn the silver ( LSH ) it's probably game over. I have no wish to re-hash previous comments made by others but a current share price of circa 4p and some of the people responsible for trashing the business still at the helm says it all really. Having once worked for CWD back in the day I just find it so sad.
My man in the know confirmed a further round of Office closures is already underway with Branch staff advised yesterday. He didn't know how many Branches are for the chop or are '' under review '' but anywhere up to 50 is his best guess.
No surprise here with the share price dipping below 10p. Q3 results to be announced next week i believe and i doubt they will make for good reading. A long tunnel in sight for this train.